The Transition was developed by a team of MIT-trained researchers for the company Terrafugia. The two-seater is able to morph from a car to a plane in about 30 seconds. It also runs on regular unleaded gas, instead of more expensive rocket fuel.

The flying car will run for about $250,000. Terrafugia estimates it will be available to the public by the end of 2012. Read on to see the Transition Roadable Aircraft in action.